Orlando Home Owners Could Make The Best Of The Situation
Residential real-estate property prices rose by an average 20 percent, in the Orlando metropolitan area, during February 2013 to May 2014, says a new Orlando real-estate industry report. The report, which compared the sales of the same Central Florida residential properties over time, found price gains to be rather inconsistent over different communities. In Orlando for example, recovery has been insignificant.
Realtors in Orlando note that home prices in Orlando remain far below (approximately $100,000) the peak value. A common observation was that neighborhoods where property prices reduced the most, after the crisis of 2007, were the neighborhoods where the recovery was the highest.
Newer communities around Orlando bounce back the most
Interested in finding out the neighborhoods of Central Florida where residential real-estate property prices have recovered the most? You’ll have to look, not at Orlando but the neighborhoods located at the periphery of the city.
Reports reveal that communities of Lake County and south Osceola County, witnessed price gains of at least 30 percent, in the period extending February 2013 to May 2014. Top Orlando realtors note that the said neighborhoods could register maximum recovery because they were hit the hardest during the housing crisis.
The Orlando short sales experts have another factor to add to the list of reasons for the inconsistent recovery – the impact of foreclosures. Newly developing communities in the Orlando metropolitan area were hit the hardest by foreclosures, primarily because owners of the homes that were constructed just before 2007, when the real-estate market crashed, possessed minimal to zero equity on their homes.
Such owners formed the lot of lenders going through short sales or through foreclosures. The rate of homes in these foreclosure-affected areas of Metro Orlando and Central Florida dropped the most. The recovery so, has been more dramatic in areas that were hit hard by such foreclosures.
Impact On Buyers And Sellers
Real estate agents in Orlando note that the inconsistency in prices has made buying inconvenient and confusing for many buyers. Sellers on the other hand, can use the confusion of the out-of-Orlando buyers to their own advantage.
When searching for a home in Orlando, prospective buyers are often coming across properties that are priced according to the sales in high-recovery neighborhoods and not the slower-rebounding communities near by. Assessing the fair market value has become more difficult and prospective buyers are turning to the top realtors in Orlando for help.
For people hoping to sell/lease their properties, this may be a good time. When dealing with buyers from out of town, they can use the inconsistency and confusion to price properties according to their own choice.